Trump Will Redevelop Alexander's Key N.Y. Store

NEW YORK — Alexander's Inc., one of New York's largest retailers, said Wednesday that it has scrapped a plan to sell its flagship store on Manhattan's Upper East Side and to convert the corporation to a limited partnership.

The decision followed meetings with New York real estate developer Donald Trump, who earlier this week agreed to acquire 20% of Alexander's stock from ALX Limited Partnership.

Trump said he will develop the property but would not specify what form the development will take. "It's a great piece of real estate," he added.